Word: slump
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...current precarious financial balance that exists in many states could be upset by a new wave of tax revolts or an economic slump caused by the huge long-term federal deficits. For now, however, the good news has raised spirits. "The national economy will lift all boats," assures Kenneth Kirkland, an official at the National Conference of State Legislatures. "But depending on local conditions, not all boats rise at the same time...
...others. Onerous interest rates could stall comebacks by the housing and auto industries. The high cost of borrowing money could depress capital spending and thus continue to devastate key business sectors such as steel, construction equipment and machine tools, which have barely begun to climb out of a deep slump...
Indeed, a slump by gulf standards might look like prosperity to much of the rest of the world. Signs of the downturn's unusual nature are apparent everywhere. "Recession!" shouts the ad in the Khaleej Times, a daily newspaper in the United Arab Emirates port city of Dubai. "Gold watches at half the actual price!" That is unlikely to mean a steal, however, since the Girard Perregaux timepieces normally cost...
...task force: "We couldn't stay locked in an ivory tower at a time like this." The workers, for their part, welcomed the helpful meddling. GM had bought the former textile mill in 1977, at the height of the new-car boom. But sales began a four-year slump in 1979, and in August 1982 GM announced it would close the factory unless local managers and workers could eliminate $2 million a year in losses. Tuscaloosa employees suggested 100 ways to cut costs, yet the total savings fell $500,000 short of what was needed...
...very important link with the rest of the world. Whatever happens in the U.S., it's just a matter of time before it happens elsewhere." Archbishop John Roach of St. Paul summed up the situation in a baseball analogy: "If a .150 hitter goes into a slump, it doesn't make much difference to the team. But if a .350 hitter goes into a slump, the manager really gets worried...